Minutes of the Board of Directors - January 14, 1998
Agenda
Call to Order Treasurer's Report Action Items Committee Reports Status and Discussion Manager's Report New Business Next Meeting Adjournment Subscribe
all to Order
President Joe Morris called the meeting to order at 7:10 p.m. in Unit 109. Present were other board members Eileen Collins, John Doolittle, Elizabeth VanderPutten and Waldemar Wajszczuk plus Property Manager, Walter Krolman. The following owners were present for a portion of the meeting: Brian Larkin and Mason Essif.
reasurer’s Report
The Lauren's finances closed the month of November in good shape. As of November 30, the Lauren's Capital Reserves were booked at a very healthy $352,212. This was an increase of nearly $12,000 from a month ago. The Association's available cash at month's end was $416,918, down roughly $6500 from October. Net Cash Available was recorded at $384,385, down about $11,000 from last month.
The operating income received by The Lauren for November was $684 less than had been anticipated - most of this arising from shortfalls in interest income, in-unit service and move-in income. As for expenses, six of the seven major operating budget categories were under budget for the month of November. Large monthly variances were recorded for the Utilities category that was over budget by $5775 primarily due to higher than anticipated electricity and gas (heating) expenses, Maintenance, which was un der by $1957, and Salaries, which was budget under by $3103. The year-to-date figures show that expenses generally have been less than anticipated. For the eleven months, only the Utilities category is over its forecast figure. The overage for this item is about $4200 at this point and is the result of higher water and sewer rates that were announced after the 1997 budget had been approved. All other utility expenses have been less than anticipated.
In November, Capital Expenditures of $3,000 were made for refractory work and lobby redecoration. Overall, Capital Expenditures have been under budgeted amounts by $87,584 for the year-to-date. However, several projects have been completed or are underway for which the Association still must make payment.
There were no investment activities during the month of November. However, since the last Board meeting on December 3, 1997, the Greater Atlantic CD has matured (on January 2, 1998). The Treasurer and Property Manager are currently working on finding new investments since current CD rates at Greater Atlantic are not competitive. Plans are being made to divide this CD, nearly $90,000, into two separate investments. Half the money is to be invested in a 6 month instrument to create additional short-ter m liquidity, while the other half will be put into a longer-term inves tment to continue the ladder system implemented this summer, which allows the association to take advantage of higher interest rates. -Waldemar J. Wajszczuk, Jr., Treasurer
Waldemar J. Wajszczuk, Jr., Treasurer
ction Items
Lobby Renovation
The Board reviewed a report from Georgetown Design which summarized plans and itemized costs for remodeling the lobby and first floor. After discussing the plans, the Board requested additional information to explore upgrades to lobby office; clarification of changes and upgrades planned for the vestibule and options for removal/refinishing of lobby woodwork; and to explain labor costs the treatment of the planned mirrors in elevator area. It was decided to schedule a special meeting with Georgetown Design to review the plans being presented.
Marketing
Chair, John Doolittle, distributed a draft of a letter to all Lauren owners urging them to join in efforts to increase the price asked for units that are being sold or rented. Accompanying the letter will be a copy of the new Lauren brochure and bookmark listing the Lauren Internet website. In addition, Property Manager Walter Krolman will be distributing the brochures to real estate firms which have and are likely to be showing units in the building to their clients.
Landscaping
It was suggested that the committee look into the possibility of enhancing the front of the building with an espaliered tree. The ornamental tree would be trained to grow against the brickwork.
tatus Review and Discussion Items
Airflow/Ventilation Study
The Board discussed the issue of increasing airflow into the hallways by replacing and upgrading the worn-out exchange fan; reducing airflow out of the halls by sealing hallway exhaust vents; sealing any gaps between units; evaluating the ventilation system in the laundry room; cleaning flues that exhaust air from the kitchens and baths; adjusting the rate of airflow from kitchens and baths in order to achieve balance among floors and improve the efficiency of the system; and upgrading the hallways air exchange fan to be sensitive to humidity. Since the air exchange fan is failing, the Board asked Walter Krolman to explore replacement options.
roperty Manager's Report
The report was accepted. Walter Krolman indicated that we have sufficient time to order and install the new chiller before the air conditioning season begins. It was decided to delay equipping the new chiller with a noise reducers until it can be determined if they are required.
ew Business
Laundry Room Flooding
The laundry room floor drains have been “snaked” and should be working properly, according to Walter Krolman. Recently when a hose from one of the washing machines became dislodged, one drain was discovered to be stopped up.
The next meeting of the Board will be Tuesday, February 24 at 7 p.m. in Unit 109.
All owners and residents are invited to attend the meetings of the Board of Directors.
The meeting was adjourned at 10:10 p.m. Executive session followed.
Respectfully Submitted, John Doolittle, Secretary 3672 Winfield Lane, NW Wash, DC 20007 Phone/Fax: (202) 333-1479 baker-doolittle@erols.com
To receive a copy of this and future Minutes via e-mail, send Property Manager Walter Krolman a request at info@lauren@org.
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